Spring Market Update

Spring is always an exciting time in real estate, known as the 'selling season'. It traditionally sees a rise in listings and in buyer activity.

We have seen an early arrival of the 2023 Spring 'selling season', with us negotiating 7 sales in the penultimate week of August and 8 properties exchanging during the month. The average sale price for our office throughout August was a solid $692,000. Some highlight sales throughout the month include:

- 16 Dimmock Street, Hunterview which SOLD for a Street Record $930,000

- 7 Dudding Street, Singleton, a historic townhouse which achieved a sale price of $525,000

- 120 The Inlet Road, Bulga which fetched $1,080,000

We also listed 7 properties throughout August.

We continue to see strong interest on new listings that are priced and presented well. An example of this is our sale of 10 Druce Smith Place, which SOLD within 10 days for the full price of $1.1 million, after 20+ enquiries.

The Singleton market remains stable and is a reflection of the strong local economy and relative affordability.

We have seen that the markets most impacted by rate rises are those higher value/prestige markets. The higher the value of the market, the more likely it’s seen poorer performance in the past year. According to CoreLogic’s ‘Regional Market Update’, the 2330 postcode saw a 0% gain in house value growth and unit values had a growth of 1.9%.

As a region, the Upper and Lower Hunter Valley are leading the way in NSW regional value growth, with the Upper Hunter seeing a 3.0% rise and Lower Hunter a -1.4% decline over the last 12 months. Placing them in the 2^nd and 9^th spot with regard to highest growing regions in NSW (Shown Below).

Rentals

The NSW legislation which restricts rent rises to once a year has seen some dramatic rent increases issued to reflect current market value. The weekly rent per property has increased, in some cases over 60%, in the last 24 months.

Nationally, rent values increased a further 0.6% in July, taking the national annual increase to 9.4%. Annual growth in rent values remains elevated on the previous decade average.

First Homebuyers Assistance

Thousands of first home buyers will no longer pay stamp duty.

On Saturday 1 July, the threshold for stamp duty exemptions increased from $650,000 to $800,000 and the threshold for stamp duty concessions rose from $800,000 to $1 million.

It means first home buyers purchasing a property up to $800,00 will pay no stamp duty, saving up to $30,735 under the changes.

Based on the current housing market, NSW Treasury expects about 8600 first home buyers in the $650,000 to $800,000 range to pay no stamp duty over the next year, and about 4400 first home buyers in the $800,000 to $1 million range to pay a concessional rate of stamp duty.

Selling this Spring?

Contact us today on (02) 6572 4000 or CLICK HERE to book an appraisal.

Click on the link below for your 2023 Spring Booklet with more information!

Spring booklet 2023